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April 22, 2019

Global Economic Update: Chinese Economy Expands, And So Do Steel Shipments

 

  • As The Washington Post reported last week, “China’s economic growth held steady in the latest quarter despite a tariff war with Washington…” The nation’s economy expanded 6.4 percent between the first quarter of 2018 and the first quarter of this year. The Post noted consumer spending, factory activity and investment all accelerated. Exports from China rose 14.2 percent year-over-year in March, but auto sales declined 6.9 percent.
  • According to Fastmarkets AMM (subscription required), output of crude and finished steel in China in the first quarter of 2019 “increased significantly year on year amid good demand and healthy profits.” Crude steel output rose 9.9 percent to 231.07 million tons while finished steel output increased 10.8 percent to 269.07 million tons. Output of crude was 10 percent higher in March 2019 than it was a year before while finished steel output rose 11.4 percent between March 2018 and March 2019.